New Rules on withdrawals of ATM transactions
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “New Rules on withdrawals of ATM transactions“
A new rule on ATM transactions to prevent fraudulent at the ATM withdrawals has been come up by the State Bank of India (SBI). Now onwards State Bank of India has made compulsory to their customers to enter a one-time password (OTP) for withdrawing cash at ATMs to complete the transaction.
Limit of withdrawal:
The new rules on ATM transaction have also stated that this is applicable on the people who are withdrawing Rs 10,000 or more in one transaction at SBI ATMs. This process will be considered as an extra layer of protection against fraud.
Benefits of these new rules:
With the intention of preventing the fraudulent at ATM withdrawals, State Bank of India has already made enough awareness programmes and events.
Customers are now aware from this kind of frauds.
Bank can prevent the fraud with it customer and even take some legal action against culprit.
Account holders can easily save their money in bank and secured for their future planning.
Bank Customers can avoid all type of fraudulent at the ATM withdrawals every time.
Applicable time of period:
The State Bank of India had already made an announcement about this facility which will be applicable from January 1, 2020, across all SBI ATMs. But now after introducing the OTP-based cash withdrawal system the State Bank of India has made compulsory to all ATMs for helping to protect its customer from unauthorized transactions at ATMs.
The SBI has been spreading awareness about ATM frauds from time to time through social media and other platforms.
What is OTP?
The OTP or One Time Password is a system-generated four-digit number which only sends to the registered mobile number of the customer and its validity comes with only one transaction.
Question & Answer:
Q1. Which bank recently released new rules on ATM transactions to prevent fraudulent at the ATM withdrawals?
Ans. State Bank of India
Q2. How many digits consist in OTP (one time password)?
Q3. Withdrawal of how much rupees at ATM is required to put OTP on registered mobile number?
Ans. Rs. 10000 or more